Carey Watermark Investors plans $21.3M renovation of Ritz-Carlton hotel

New York-based Carey Watermark Investors plans a $21.3 million renovation of the Ritz-Carlton Philadelphia hotel after acquiring a majority interest in the property, the company said in a release.

The renovation, to be done in a joint venture with previous full-owner Philadelphia Hospitality Partners, will cover the South Broad Street hotel's 299 guest rooms, lobby, ballroom and other spaces, Carey Watermark said. Work is due to be completed before the end of June 2016, the company said.

The owners expect to bring in an outside operator to run the hotel's restaurant and lounge following the renovation, the company said.